News Flash! Existing home sales are at the highest level since 2006.
Total existing-home sales climbed 10.5% from the year prior in August, according to data released Tuesday by the National Association of Realtors.
According to NAR Chief Economist Lawrence Yun, “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
Home sales continue to climb even in the face of rising prices. The median existing-home price for all housing types = $310,600 in August, an increase of 11.4% year over year, and the 102 straight months of annual gains.
Inventory is historically low, which is being exacerbated by a recent surge in lumber costs. At the end of August, there was a 3 month supply of inventory at the current sales pace, which is down 0.7 % from July and 18.6% from the year prior.